By Nathan Ferguson
- Sandbox had its price reentering the demand zone at $2.69 and $3.00, pausing the latest flash crash.
- This barrier remains vital in preventing SAND from plunging toward $2 and can re-evaluate the token’s directional trend.
- Bouncing from the barrier might catalyze a 16% surge to $3.31.
Sandbox (SAND) hovers around a pivotal level following the latest crash, possibly rethinking its directional trend. A bounce off the mentioned footing might trigger an upside for the token, ending the bearish control.
SAND Price Targets Recovery
Sandbox had its price losing 35% within the previous five days, piercing the daily demand territory, stretching between $2.69 and $3.00. This action remains crucial as the barrier previously acted as SAND’s launchpad.
Therefore, the retracement can witness a U-turn, followed by a swift recovery rally. That would see SAND climbing to retest the hurdle of $3.31, translating to a 16% total gain. As this move depicts bullishness, an optimistic case would see SAND surging past this hurdle to retest the psychological zone at $4, a 38% total gain. Though unlikely, the alternative coin might touch the weekly resistance zone at $4.71. However, buyers need intensified activity to back the positive narrative.
While things appear up for SAND, increased sell-side actions might see the coin attempting to breach the demand zone at $2.69 – $3.00. A 24hr candle close under $2.69 would form a lower low, annulling Sandbox’s bullish thesis.
Such actions will attract bearish control, hinting at a possible downside to $1.80. That would mean a 33% drop for the metaverse token. However, this crash might see sidelined buyers reentering, attempting another upside move. While publishing this content, SAND traded at $2.93. Moreover, bears appear strong as the asset exhibits a bearish attitude.
For now, SAND’s downside moves appear to pause as the token nears a vital level of support. That was after the metaverse crypto dipped into the demand territory of $2.69 – $3.00. Moreover, the overall crypto market endured downswings.
Also, the global market cap highlights negative price moves by top digital coins, standing with over 5% 24hr declines at $1.65 trillion.
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